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Bitcoin mining

Bitcoin mining
Bitcoin transactions are not checked instantly – coordination among thousands of us around the world inevitably takes time. Bitcoin transactions are checked into something called blocks. The bitcoin protocol is configured so that users involved in something called bitcoin mining create a new block approximately every 10 minutes on average. Transactions are considered verified once they have been included in at least one (or more) blocks.

Miners are people who use bitcoin mining software in computer hardware. What this mining software does is a complicated process – but essentially it tries to perform a brute force on a SHA-256 hash. Imagine a computer guessing random numbers as fast as possible until you find a number that matches a certain pattern – that’s what mining basically comes down to. The miner who finds a matching hash has created a new block, and the miner is rewarded with a certain amount of new bitcoin as a reward.

Once a miner finds a block – it is they find a matching hash that creates a new block – they receive a reward for their efforts. This reward is bitcoin-encoded based on how many blocks were previously created. As the blocks will be found approximately every 10 minutes (the difficulty of the hash combination is adjusted automatically to ensure this), Bitcoin would have significant inflation problems if the reward never fell. Bitcoin, however, is slated to halve every 4 years. The reward started at 50 BTC when bitcoin first came in 2008, and slowly half of every 4 years until it reaches zero for a total of 21 million existing bitcoins.

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For this reason, bitcoin is considered a deflationary currency.

Minecraft Bitcoin find blocks is how transactions are processed in the Bitcoin network. To further encourage miners (and encourage them after the bounty of the bloc reaches zero), Bitcoin users can include a transaction fee when they send Bitcoin to ensure that their transaction is included in the next block. Transaction fees are never required, but you may end up waiting a while for your transaction to confirm that you do not assign any transaction fee if there are many other transactions sent with a fee. There are only many transactions that can fit into each block, so transaction fees also work as a method to reduce spam transactions.